HBK INVESTMENTS L P

CIK 0001011443 · Q2 2026

13F Equity AUM

$10.3B

+4.5% QoQ

Positions

245

-21 QoQ

AUM Rank

#503

Top 6%

Skill Alpha (FF)

+3.2%/yr^ns

No Clear Edge

Rank #1,013 · Top 12%

vs S&P -3.3%/yr (unadj.)

Quarters Tracked

~14 years

Portfolio Concentration

Top 5: 31.6%Top 10: 54.3%Top 20: 77.5%

BLD9.0%

EA6.4%

PEN5.6%

NSC5.3%

SPY5.2%

KVUE5.2%

WBD4.9%

TECH4.7%

NUVL4.2%

APGE3.7%

Others (235)45.7%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Healthcare21.0%

Industrials18.6%

Communication Services16.9%

Financial Services14.7%

Unclassified7.4%

Consumer Defensive5.9%

Technology5.3%

Basic Materials3.6%

Other6.5%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 245Median: 0.05%Avg: 0.41%

0–0.5%

220(17.4%)

0.5–1%

2(1.4%)

1–3%

11(19.9%)

3–5%

6(24.4%)

5%+

6(36.8%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 0Unique: 245vs 20 funds

0%Low

245

Fund positions

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

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Position Changes This Quarter

New74Increased35Decreased46Exited95

New Positions

BLD9.0%

+2.6M

TECH4.7%

+6.8M

NUVL4.2%

+3.5M

APGE3.7%

+2.9M

GAMESTOP CORP2.5%

+253.5M

SLAB2.1%

+1.0M

ROKU1.6%

+1.2M

AES1.6%

+11.1M

VAL-WT1.1%

+1.6M

CPRX0.9%

+2.8M

Increased

RWT 7.75 06/15/270.2%

+16.4M(+655%)

TXNM 5.75 06/01/540.4%

+7.5M(+28%)

KVUE5.2%

+7.0M(+33%)

PAR TECHNOLOGY CORP0.1%

+6.0M(+59%)

RIVN 3.625 10/15/300.3%

+4.2M(+18%)

TECK/B3.3%

+4.2M(+264%)

FRPT 3 04/01/280.4%

+3.5M(+11%)

WBD4.9%

+2.6M(+16%)

BABA 0.5 06/01/310.2%

+1.7M(+14%)

ALHC 4.25 11/15/290.4%

+1.5M(+6%)

Decreased

VERX 0.75 05/01/290.1%

-9,000,000(-45%)

BL 1 06/01/290.1%

-6,000,000(-46%)

ZD 3.625 03/01/280.1%

-5,000,000(-42%)

TXNM0.3%

-2,556,000(-84%)

NVDA2.0%

-2,400,417(-70%)

PTON 5.5 12/01/290.3%

-2,000,000(-9%)

TRIP0.4%

-1,769,288(-36%)

IBIT0.0%

-1,449,300(-98%)

CNK0.1%

-557,000(-74%)

ACHR0.0%

-350,000(-35%)

Exited

HOLX

-9,800,000

3M4

-2,576,109

CTRA

-10,568,659

-5,527,242

-13,875,000

-7,305,341

-2,278,517

-2,950,000

-3,550,000

-8,783,448

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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